Airwallex is a financial technology company that offers integrated solutions for cross-border payments, including business accounts used by small businesses, SMEs, and established enterprises to sell globally. Airwallex has recently launched a new easy-to-use plug-and-play integration with Shopify, enabling Shopify merchants to tap into Airwallex’s payment solution ecosystem. With features to simplify payments and cost-effective foreign exchange (FX) rates, merchants can focus on scaling their business with better financial planning and without needless fees.
At Wave Commerce, we often hear from Shopify merchants that an obstacle to scaling their business to new markets and providing cross-border commerce is that they don’t know how to get started on managing cross-border payments. There are a lot of potential financial uncertainties that come with cross-border commerce, especially around financial planning — knowing how to budget and prepare funds for transaction fees, taxes, localization to new markets etc, which, more often than not, are not very transparent and highly variable. But, one of the key values of a solid connected ecosystem strategy that Shopify offers, is the ability to leverage the partners within the ecosystem for quick and effective solutions. Airwallex is a very welcome new addition to the Shopify ecosystem for the value it can provide to merchants, especially as the global economic climate is lowering consumer confidence and businesses are looking at ways to still grow while reducing costs.
What is a digital business account?
A digital business account operates solely online without any physical branches. They typically offer a targeted number of services and products that they are extremely good at — which means they can compete on excellent prices, service quality, transparent policies, user experience, and security. Digital business accounts have greatly disrupted the traditional banking industry by putting the users first with a customer-centric strategy and design philosophy.
3 key benefits of digital business accounts
Remote account opening; no need to visit a branch or conduct any face-to-face meetings
Access services any time via an online platform
Access local bank accounts in multiple regions to collect money locally
Issue virtual multi-currency corporate Visa cards instantly
As digital payment platforms have no branches, less staff, are digital-first, and use the latest technology without complicated legacy infrastructure, they have less overhead and so can provide cheaper fees
Enjoy $0 international transfers and avoid SWIFT fees by paying like a local
Save up to 90% on FX conversions
Better financial visibility
Digital business accounts are streamlined to deliver more value, such as clear and concise reporting
They are designed to integrate with other financial tools, like Xero, digital signature and contract systems, or trading platforms - which gives more accurate visibility across your financials
Receive settlements directly in 11 major currencies including USD, thus avoiding unnecessary currency conversions and related fees
Accept payments directly into an Airwallex multi-currency wallet and pay out with borderless cards or transfers
Payment methods include Visa, MasterCard and UnionPay, and 30+ other local payment methods across the Asia-Pacific and Europe, such as GrabPay in Southeast Asia, WeChat Pay in APAC, as well as Bancontact and Sofort in Europe
Global business transactions with Airwallex
The Airwallex Global Business Account has no monthly fees or sign-up fees, and scales globally with international transactions. Merchants can make free international payments with 140+ foreign currencies. Most notably, Airwallex is extremely useful for cross-border commerce, with low and transparent FX pricing. Merchants using Airwallex pay as low as 0.2%on top of the interbank rate.
Aside from cross-border commerce transitions and localized payment gateways, Airwallex integrates with PayPal, Xero, Amazon, eBay, and of course Shopify. Merchants can also use the advanced reporting features and financial automations to improve accounting accuracy.
Leading brands like Pure Fitness, JD.com, Bowtie insurance, SleekFlow use Airwallex. Meanwhile, Shopify merchant, Linjer, saved over HK$78,000 in FX fees in a few months, and saved 3% of service costs for international based SaaS solution subscriptions.
If you’ve made it to the end of this article, great news! Wave Commerce is pleased to offer you a special deal. Create a free Airwallex account here, and convert HK$100,000 in foreign currencies for free! That's $0 fees and 0% margin!